Probably the earliest form of a subsidy to oil companies was the depletion allowance, instituted by the Revenue Act of 1913. It also applied to timber and mining operations, and allowed them to “write off” depletion of the resources they were mining or extracting as a loss. In 1926 a new Revenue Act allowed the oil companies to count depletion as a percentage of their gross income. Since 2001, oil companies are no loonger allowed to calculate depletion as a percentage.
Click here to cancel reply.
Sorry,At this time user registration is disabled. We will open registration soon!
Don't have an account? Click Here to Signup
© Copyright GreenAnswers.com LLC